Crude closes above $50 a barrel
U.S. oil prices settled above $50 a barrel on Thursday after nearly three weeks of trading below that level, which analysts consider a psychological threshold for the oil industry.
Traders reacted to media reports that Kuwaiti officials signaled OPEC is considering continuing oil production beyond this summer, when agreements between OPEC countries and non-OPEC counterparts expire.
The U.S. crude benchmark rose 84 cents to settle at $50.35 a barrel on the New York Mercantile Exchange.
HistoryMaker to build homes in Katy area
HistoryMaker Homes, a longtime Dallas homebuilder that entered the Houston market last year, will build 115 homes in Katy’s Lakes at Mason Park community.
Construction of a onestory home, with 1,797 square feet, is underway. The community is just east of the Grand Parkway, north of the Katy Freeway. The home plans are being finalized, but prices are expected to be less less than $200,000.
Environmental groups want Keystone review
OMAHA, Neb. — A coalition of environmental groups challenged the federal permit for the Keystone XL oil pipeline in court on Thursday because they say additional environmental scrutiny is needed.
The Sierra Club, Natural Resources Defense Council and other groups say the initial environmental review completed in 2014 is outdated and that it underestimated how much the pipeline would encourage tar sands oil production in Canada.
The proposed pipeline would go from Canada through Montana, South Dakota and Nebraska, where it would connect with an existing Keystone pipeline network that would take the oil to Gulf Coast refineries.
The State Department issued a permit for the project earlier this month, though Nebraska regulators still must review and decide whether to approve the proposed route through their state.
‘The Codfather’ pleads guilty in fishing case
BOSTON — A U.S. fishing magnate known as “The Codfather” has pleaded guilty to federal charges of evading fishing quotas and smuggling money to Portugal.
Carlos Rafael is the owner of one of the nation’s largest commercial fishing operations. Federal authorities say Rafael falsely claimed his vessels caught haddock or pollock, when they had actually caught other species subject to stricter quotas.
A prosecutor said in court that Rafael faces a prison sentence of about four to five years.
Volkswagen will pay $157 million to 10 states
DETROIT — Volkswagen is paying more than $157 million to 10 states to settle environmental lawsuits due to the company’s diesel emissions-cheating scandal. The settlement covers 3-liter six-cylinder diesel engines and is separate from a $603 million agreement reached last year with 44 states, Washington, D.C., and Puerto Rico that covered 2-liter engines. Volkswagen has admitted to programming its diesel engines to activate pollution controls during government treadmill tests and turning them off for roadway driving.
The company says the money will go to Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont and Washington. All 10 states follow California’s clean air standards.
South African turmoil sends currency diving
JOHANNESBURG — South Africa’s president has replaced his finance minister in an expected move that had worried investors this week and sent the currency tumbling.
President Jacob Zuma’s replacement of Pravin Gordhan with Malusi Gigaba comes as part of a Cabinet shuffle that changes 10 of the country’s 35 ministers.
Pressure has been growing on Zuma to step down after he recalled Gordhan, who has a strong reputation as a bulwark against corruption, from a trade trip in London earlier this week. The recall of Gordhan caused South Africa’s rand to lose nearly 5 percent, another blow to Africa’s most industrialized economy that has stalled amid high unemployment.
Frustration has been growing with Zuma after many allegations of corruption. The two main opposition parties took aim at the president on Thursday, with one appealing to the highest court to order impeachment proceedings and the other announcing it will launch a vote of no confidence.
30-year, 15-year mortgage rates show declines
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixedrate home loans eased to 4.14 percent from 4.23 percent last week. The benchmark rate stood at 3.71 percent a year ago.
The rate on 15-year mortgages eased to 3.39 percent from 3.44 percent.